The Direxion Daily Semiconductors Bull 3x Shares (SOXL) surged 7.82% in the pre-market trading session on Monday, driven by a broad rally in semiconductor stocks ahead of the highly anticipated Consumer Electronics Show (CES) kicking off this week.
Leading the charge in the semiconductor sector were several key players, fueling optimism and positive sentiment throughout the industry: - ASML, a major supplier of chipmaking equipment, rose 4.4% - Taiwan Semiconductor Manufacturing (TSMC), the world's largest contract chipmaker, jumped 3% on news of its progress in developing cutting-edge 2nm chips - AMD and Micron both gained around 2% - Nvidia rose 1.2% and Broadcom climbed 0.9%
The semiconductor rally appears to be driven by strong demand and anticipation of new product launches and advancements expected to be unveiled at CES. TSMC's steady progress in producing 2nm chips at its Baoshan fab in Taiwan has also fueled positive sentiment, as the chipmaker prepares to commercialize its 4nm chips at its Arizona facility.
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